PTC (Nasdaq: PMTC), The Product Development Company®, announced today that James E. Heppelmann, the company's President and Chief Operating Officer, will succeed C. Richard Harrison as PTC's Chief Executive Officer, effective October 1, 2010. Harrison will become the company's Executive Chairman. Heppelmann, as CEO and President, will report directly to the Board.
"Jim is a great leader who has already created tremendous value for PTC, its customers, shareholders and employees as a strategic member of the executive team," said Harrison. "With his background as an engineer, Jim is one of those rare individuals who can understand our customers' business requirements and couple that with a unique vision for the industry, a passion for technology and the leadership qualities to drive the company to deliver solutions that provide measurable business value. I couldn't imagine a better person to lead PTC and leverage the company's momentum."
Heppelmann, 45, joined PTC in 1998 as a Senior Vice President when PTC acquired Windchill Technology, a company he founded. He was promoted to Executive Vice President and Chief Technical Officer in June 2001, and two years later was named Executive Vice President of the Software and Marketing Group and Chief Product Officer. In this role, he was responsible for strategic direction, product development, and marketing. He joined PTC's Board of Directors in May 2008 and was named President and COO in March 2009. Heppelmann has worked in the information technology industry since 1985 and is widely credited with driving many of the most significant technology advancements in product lifecycle management (PLM).
"I have tremendous respect and appreciation for Dick. He's built one of the truly great enterprise software companies," said Heppelmann. "PTC has a talented team, superior technology and a winning strategy. We're well positioned to capture the huge opportunity in the market today and achieve our goal of 20% non-GAAP earnings growth. I am thrilled to have the opportunity to lead a company I believe in so strongly."
"This has been a well-defined and well-orchestrated succession plan," added Donald K. Grierson, PTC's lead independent director. "The board couldn't be more satisfied with its choice of Jim to take on the role of CEO. The board also wants to thank Dick for guiding the company to this point and for his commitment to play an ongoing role in support of the company's strategic plan. Dick's leadership has been key in building PTC into the leading company it is today."
As Executive Chairman, Harrison, 54, will focus on key customer and investor relationships that support the company's strategic initiatives, while continuing to perform his duties as Chairman of the company's Board of Directors.
Statements in this press release about the long-term prospects for PTC, including our ability to capture market opportunities and to achieve our goal of 20% non-GAAP earnings growth, are forward-looking statements that involve risks and uncertainties that could cause actual results to differ materially from those projected. These risks include the possibility that customers may not purchase our solutions or services when or at the rates we expect, the possibility that our strategic investments may not have the effects we expect, the possibility that we may be unable to attain or maintain a technology leadership position or that any such leadership position may not generate the revenue we expect, and other risks and uncertainties described from time to time in reports we file with the Securities and Exchange Commission, including our Annual Report on Form 10-K and our Quarterly Reports on Form 10-Q.
Note that our earnings goal is on a non-GAAP basis and, accordingly, excludes items included in our GAAP results, which items may have a material effect on our GAAP results and cause results to differ materially.
PTC, the PTC logo, and The Product Development Company are trademarks or registered trademarks of Parametric Technology Corporation and/or its subsidiaries in the United States and in other countries.
PTC (PTC.com) provides discrete manufacturers with software and services to meet the globalization, time-to-market and operational efficiency objectives of product development. Using the company's PLM and CAD and related solutions, organizations in the Industrial, High-Tech, Aerospace/Defense, Automotive, Retail/Consumer and Life Sciences industries are able to support key business objectives such as reducing costs and shortening lead times while creating innovative products that meet customer needs and comply with industry regulations.